Affinergy Lands Three Business Innovation Grants Totaling $575,000
Posted June 23, 2006 7:09 a.m. EDT
RESEARCH TRIANGLE PARK, N.C. — Research and development efforts at
, which is developing coatings and medical devices for the orthopedic and cardiovascular markets, are getting a $575,000 boost.
Affinergy, a spinout from Duke University, said Thursday that it will receive three Small Business Innovation Research Phase 1 grants from the federal government worth more than $575,000.
"Affinergy is excited to receive this additional funding to accelerate our research programs," said Jonathan Gindes, Affinergy's chief financial officer and senior vice president for business development. "This funding is non-dilutive to our shareholders and allows us to initiate new research programs that have great commercial potential. We believe this further validates our strategy of building out Affinergy's platform technology through a combination of corporate partnerships and grant funding."
The grants focus on injectable growth factors, tendon healing, and what Affinergy calls "click chemistry". The company has already received two other Phased 1 grants and has applied for additional funding.
Affinergy closed on $3 million in venture capital in March and to date has raised some $5.3 million.
"It is especially gratifying to see our research plans validated by scientific peers who review and score our applications, "said Paul Hamilton, vice president of research and development at Affinergy. "We are anxious to begin these research programs and look forward to moving these initiatives towards commercialization as soon as possible. These specific grants will generate intellectual property and discoveries that can be leveraged into multiple topics outside of the initial research programs."
Last November, Affinergy, landed a deal with Boston Scientific to explore development of new coatings for cardiovascular stents. In 2005, Affinergy received SBIR grants worth $256,000 and $214,000 from the National Institute of Arthritis and Musculoskeletal and Skin Diseases.